Terrazas de Patio Verde, a condominium building, has a value of P50 Million. The owner insured the building against fire with three (3) insurance companies for the following amounts: Northern Insurance Corporation – P20 Million Southern Insurance Corporation – P30 Million Eastern Insurance Corporation – P50 Million
a) Is the owner’s taking of insurance for the building with three (3) insurers valid? Discuss. (3%)
b) The building was totally razed by fire. If the owner decides to claim from Eastern Insurance Corp. only P50 Million, will the claim prosper? Explain. (2%)
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